Morning Preview: September 04, 2026

Early Look

Friday, September 4, 2026

U.S. stock futures are flat to slightly higher, with decent gains for Nasdaq futures as the AI tech trade bounces, but overall S&P futures are quiet heading into the key nonfarm payrolls data report at 8:30 am et. Treasury yields are flat but remain at elevated highs while the dollar edges higher. Oil prices are down overnight but were on course to gain over 6% for the week (largest weekly rise since July) as the U.S. and Iran resumed military exchanges in their conflict, now in its seventh month, while U.S. diesel prices hit a record high. A rally in oil prices combined with a much steeper increase in fuel prices has pushed inflation and government borrowing costs higher around the world. In earnings last night, fairly busy with shares of AOUT, SWBI in retail and IOT, DOCU in tech rising on results while shares of LULU and OXM tumbled on guidance in retail and GWRE, ASAN, EGAN all fell in tech. In Asian markets, The Nikkei Index rose 805 points to 65,020, the Shanghai Index fell -11 points to 3,930, and the Hang Seng Index gained 437 points to 25,650. In Europe, the German DAX is up 63 points to 29,066, while the FTSE 100 is down slightly at 10,828. The dollar/Japanese yen chopped a little higher to 156 overnight after falling 1.83% yesterday, the biggest drop since intervention in July. Stocks surged Thursday after Fed governor Chris Waller remarked that he was leaning toward holding interest rates steady, prompting traders to pare bets that the Federal Reserve would raise rates in September. Markets now see a roughly 50-50 chance of the Fed moving to further restrict financial conditions, according to CME Group.

• The Dow Jones Industrial Average rose 623.57 points, or 1.18%, to 53,685.52
• The Nasdaq Composite gained 366.23 points, or 1.40%, to 26,584.06
• The Russell 2000 Index advanced 15.11 points, or 0.51% to 2,968.27

• 8:30 AM ET                  Private Payrolls for August…est. 45K (prior +30K)
• 8:30 AM ET                 Manufacturing Payrolls for August…est. 5K (prior 5K)
• 8:30 AM ET                  Unemployment Rate for August…est. 4.1% (prior 4.1%)
• 8:30 AM ET                  Average Hourly Earnings M/M for August…est. +0.3% (prior +0.1%)
• 1:00 PM ET                   Baker Hughes Weekly rig count data

• Retail sales in the Euro Area increased 0.6% in July of 2026 over the same month in the previous year. Retail sales in the Euro Area decreased 0.6% in July over the previous month.
• US retail diesel rose to a record as the widely used fuel climbed to a nationwide average of $5.85 a gallon at the pump on Thursday, according to the American Automobile Association. The advance pushed the price above the former peak set in June 2022.

• Lululemon (LULU) shares fall to 7-year lows; Q2 EPS $2.92 vs. consensus $1.79 and revs $2.42B vs. est. $2.46B; Q2 comparable sales decreased -9%, or -10% on a constant dollar basis. Americas comparable sales decreased 12%. International comparable sales decreased -3%, or -6% on a constant dollar basis; sees Q3 EPS $0.93-$0.98 below est. $2.48 and sees Q3 revenue $2.29B-$2.32B, below consensus $2.54B.
• Oxford Industries (OXM) shares fall; Q2 adj EPS $1.34 vs. est. $1.31; Q2 revs fell -2% y/y to $394M, but in-line with consensus; lowered full-year guidance due to softness at Lilly Pulitzer and macroeconomic pressures as sees 2026 net sales outlook to $1.43B-$1.47B from $1.48B-$1.51B and cuts FY26 adjusted EPS view to $1.60-$2.00 from $2.30-$2.70 (est. $2.47) while sees Q3 revs/EPS lower than consensus.
• Smith & Wesson (SWBI) Q1 adj. EPS $0.06 vs. $(0.06) est.; net sales $112.6Mm, up 32.3% YoY vs est $98.7Mm; gross margin 28.7%, up 280bps YoY, including a 260bps benefit from $2.9Mm of tariff refunds; adj. EBITDAS $13.8Mm, up from $7.4Mm vs est $5.994Mm; Q2 sales expected roughly 10% above prior year vs est +6%; FY27 revenue growth guidance approximately 5%-7% vs est +5.2%.
• Torrid Holdings (CURV) Q2 EPS $0.05 vs. $(0.03) est.; net sales $231.7Mm vs. $238.1Mm est.; adj. EBITDA $23.3Mm vs. $17.2Mm est.; gross margin 38.7%; received $11.4Mm in IEEPA tariff benefits; Q3 net sales guidance $230Mm-$235Mm vs. $228.6Mm est.; FY26 net sales guidance $940Mm-$960Mm vs est $955.52Mm and CAPEX guidance $8Mm-$10Mm.

• Concrete Pumping Holdings (BBCP) Q3 EPS $0.09 vs. $0.08 est.; revenue $116.8Mm vs. $110.2Mm est.; adj. EBITDA $30.4Mm vs est $28.51Mm; gross margin 38.7%; quarterly cash dividend initiated at $0.13 per share; share repurchase plan expiration extended to November 30, 2028; FY26 revenue guidance raised to $425Mm-$435Mm vs. $421.1Mm est., adj. EBITDA guidance $103Mm-$108Mm vs est $103.56Mm.
• Dorian LPG (LPG) ordered three 90,000 cbm dual-fuel Panamax VLGC newbuildings from Hanwha Ocean for about $345 million. Deliveries scheduled for June, September, and December 2030, expanding the fleet with LPG-capable dual-fuel tonnage. Ships include shaft generators and efficiency upgrades aimed at reducing fuel consumption.
• Planet Labs (PL) Q2 adj EPS $0.02 vs. est. loss (-$0.02); Q2 revs rose 58% y/y to $116.1M, vs. consensus $104.22M; sees 3Q outlook for revenue of $101M-$105M missing the $114M estimate and sees Q3 outlook for adj EBITDA loss of $6M-$1M; guides FY revs $430M-$441M up from prior $415M-$440M vs. est. $435.8M.
• Quanex Building (NX) Q3 adj. EPS $0.79 vs. $0.66 est.; net sales $501.8Mm vs. $497.5Mm est.; adj. EBITDA $72.7Mm vs est $68.02Mm and adj. EBITDA margin 14.5%; free cash flow $47.8Mm.

• Fair Isaac (FICO) shares fall after U.S. Director of Federal Housing Bill Pulte said on Thursday he directed Fannie Mae and Freddie Mac, created by the U.S. Congress to support the housing market, to approve all lenders to use credit scoring system VantageScore. “Fannie and Freddie’s initial rollout of VantageScore has been incredibly successful, with 50 LENDERS DELIVERING LOANS. So, EFFECTIVE IMMEDIATELY, I‘m instructing Fannie and Freddie to approve ALL lenders to use VantageScore,” Pulte wrote on X. “FICO has enjoyed a monopoly. No more,” Pulte added.
• Citigroup (C) could secure a license for its wholly owned China brokerage business as soon as this month, Reuters reported, citing two people familiar with the matter. The approval would allow the bank to expand its presence in China’s securities market.
• AMC (AMC) CEO Aron calls on Robinhood (HOOD) to voluntarily cease and desist the trading of AMC stock tokens.

• Anthropic is close to finalizing an expansion of its revolving credit facility to $15B, Bloomberg reported, citing people familiar with the matter. Morgan Stanley (MS) is leading the financing, with Goldman Sachs (GS), JPMorgan Chase (JPM), and Citigroup (C) also playing prominent roles.
• Apple (AAPL) has canceled plans for a large foldable MacBook and a separate mid-sized MacBook with an OLED display, according to research firm Omdia. The foldable model was expected to measure 16.1 to 18 inches when unfolded, while the OLED MacBook was planned at 14.4 to 16.1 inches. Apple’s broader OLED expansion remains intact, with a 13.8-inch MacBook expected in 2029.
• Asana, Inc. (ASAN) Q2 EPS $0.10 vs. est. $0.09; Q2 revs $216.4M vs. est. $214.2M; sees Q3 EPS $0.08 vs. est. $0.09 and revs $217M-$219M vs. est. $218.1M; affirms FY2027 Adj EPS guidance of $0.37 vs $0.37 est; Raises FY2027 sales guidance from $855M-$863.5M to $858.5M-$863.5M vs $860.895M est.
• Docusign (DOCU) Q2 adj EPS $1.16 vs est $1.09 on revs $875.7Mm vs est $867.43Mm, adj gr mgn 81.7%, FCF $295.8Mm; guides Q3 revs $868-890Mm vs est $888.56Mm; sees FY revs $3.50-3.51B vs est $3.497B.
• eGain (EGAN) shares fall; Q4 adj. EPS $0.08 vs. $0.03 est.; revenue $22.2Mm vs. $21.8Mm est.; Q1 FY27 revenue guidance $20.9Mm-$21.4Mm vs. $22.3Mm est. and adj. EPS guidance $0.05-$0.08 vs. $0.08 est.; FY27 revenue guidance $84.5Mm-$86.0Mm vs. $94.1Mm est.
• Flex (FLEX) entered into a definitive agreement to acquire EPC Power at a value of $4.4B, subject to customary adjustments. The transaction is expected to close in the fourth quarter of calendar 2026, at which time EPC Power is expected to become part of Flex’s Cloud and Power Infrastructure segment.
• Guidewire Software (GWRE) shares fall; Q4 adj. EPS $0.99 vs. $0.94 est.; revenue $411.1Mm vs. $402.2Mm est.; Q1 FY27 revenue guidance $372Mm-$378Mm vs. $387.1Mm est. and adj. operating Income guidance $64Mm-$70Mm vs est $79.96Mm; FY27 revenue guidance $1.707B-$1.727B vs est $1.701B and adj. operating Income guidance $403Mm-$423Mm vs est $407.63Mm.
• Samsara Inc,. (IOT) Q2 adj EPS $0.20 vs. est. $0.16; Q2 revs rose 30% y/y to $508.4M vs. est. $483.3M; said for Q2, crossed $2.1B in ARR with 30% y/y growth for the third consecutive quarter; cited large-customer momentum; adoption of newer AI features rose more than 4x over two mos; raises FY27 EPS view to $0.76-$0.78 from prior $0.70-$0.72 (est. $0.71) and boosts FY revs to $2.043B-$2.047B from $2.005B-$2.013B.
• Trade Desk’s (TTD) said it will lay off ~15% of its employees in Q3 2026; estimates cash restructuring charges of $39 mln-$51 mln for severance, benefits and related costs.
• UiPath Inc. (PATH) Q2 adj EPS $0.15, in-line with consensus on revs $410M vs. est. $397.85M; sees Q3 revenue $440M-$445M, vs consensus $441.17M and sees Q3 ARR $1.992B-$1.997B; raises FY27 revenue view to $1.789B-$1.794B from prior $1.776B-$1.781B (est. $1.78B); sees FY27 ARR $2.065B-$2.07B; announced a series of changes to its executive leadership team including CFO and COO.
• Zscaler (ZS) Q4 adj EPS $1.19 vs est $1.09, adj operating Income $218.4Mm vs est $207.37Mm on revs $898.2Mm vs est 877.36Mm; guides FY revs $3.908-3.938B vs est $3.899B and adj EPS $4.86-4.90 vs est $4.60.
• The Federal Communications Commission asked a federal court to dismiss Disney’s (DIS) lawsuit challenging an early regulatory review of eight ABC television station licenses. The FCC said blocking the review would limit its ability to examine evidence in an ongoing investigation into allegations that Disney engaged in unlawful discrimination.